VIRGINIA RETIREMENT SYSTEMS ET Al Invests $603,000 in Southern Copper Corporation $SCCO

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Southern Copper Corporation (NYSE:SCCO) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,961 shares of the basic materials company’s stock, valued at approximately $603,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cullen Frost Bankers Inc. raised its position in Southern Copper by 117.6% during the first quarter. Cullen Frost Bankers Inc. now owns 272 shares of the basic materials company’s stock valued at $25,000 after buying an additional 147 shares during the period. Golden State Wealth Management LLC acquired a new position in Southern Copper during the first quarter valued at $29,000. N.E.W. Advisory Services LLC acquired a new position in Southern Copper during the first quarter valued at $34,000. Quarry LP acquired a new position in Southern Copper during the first quarter valued at $41,000. Finally, Hilltop National Bank acquired a new position in Southern Copper during the second quarter valued at $53,000. 7.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on SCCO shares. Morgan Stanley set a $132.00 price target on Southern Copper and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $89.00 price target on Southern Copper and gave the company a “sell” rating in a research report on Wednesday, September 17th. Wells Fargo & Company raised Southern Copper to a “hold” rating in a research report on Wednesday, October 8th. UBS Group reissued a “buy” rating on shares of Southern Copper in a research report on Friday, September 19th. Finally, HSBC reissued a “hold” rating and set a $118.00 price target (up from $105.00) on shares of Southern Copper in a research report on Friday, October 17th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $110.78.

Insider Activity

In other news, Director Bonilla Luis Miguel Palomino sold 414 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $100.00, for a total transaction of $41,400.00. Following the completion of the sale, the director owned 2,327 shares in the company, valued at approximately $232,700. This represents a 15.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 1,228 shares of company stock worth $123,102. Corporate insiders own 0.07% of the company’s stock.

Southern Copper Stock Performance

Shares of NYSE SCCO opened at $129.41 on Friday. The business’s 50-day moving average price is $113.27 and its two-hundred day moving average price is $100.84. The company has a debt-to-equity ratio of 0.67, a current ratio of 5.27 and a quick ratio of 4.51. Southern Copper Corporation has a one year low of $74.84 and a one year high of $136.49. The company has a market capitalization of $104.05 billion, a P/E ratio of 28.32, a price-to-earnings-growth ratio of 1.20 and a beta of 1.02.

Southern Copper Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Wednesday, November 12th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, November 12th. Southern Copper’s dividend payout ratio is 70.02%.

Southern Copper Profile

Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce blister and anode copper; refining of anode copper to produce copper cathodes; production of molybdenum concentrate and sulfuric acid; production of refined silver, gold, and other materials; and mining and processing of zinc, copper, molybdenum, silver, gold, and lead.